Highlights from WFCU Credit Union’s 38th Annual General Meeting
WFCU Credit Union held its 38th Annual General Meeting in two locations this year: at Bingeman’s Conference Centre in Kitchener on Monday, September 12th, 2022, and at the St. Clair College Centre for the Arts in Windsor on Wednesday, September 14th, 2022. Eddie Francis, President & CEO, WFCU Credit Union and Marty Gillis, Chair, WFCU Credit Union Board of Directors, recognized the support of the Executive team, Management and staff as WFCU Credit Union continued to deliver exceptional service to its members over the past year.
Mr. Gillis thanked the members of WFCU Credit Union for continuing to put their trust in WFCU as their Financial Institution of choice. He explained that this continued support has allowed WFCU to expand into new communities with the opening of a new Cambridge location through their ECU division and allows for the openings of new Kitchener and Chatham locations on the horizon. “We are proud our efforts have allowed us to become a more geographically diverse organization that serves the needs of people throughout our province,” shared Marty Gillis.
In the Report of the Treasurer regarding the credit union’s financial position, the financials highlighted the credit union’s strategic focus on organizational evolution and long-term sustainability, as the fiscal and operational results surpassed expectations. WFCU Credit Union generated strong growth and profitability, with net income after taxes of $22.9 million, representing an increase of 15% in profitability over the prior year. Total assets grew to $4.3 billion, surpassing the previous year by nearly $709 million. Members continue to rely on WFCU Credit Union for their lending and deposit needs, with total deposits increasing 16.77% and total loans increasing 20.5% over the previous year. “Under the guidance of the Board of Directors and with our members’ support, we have established the foundation to ensure WFCU continues to be a sustainable and relevant organization for years to come,” stated Eddie Francis, President & CEO, WFCU Credit Union. “Our members, team, and communities appreciate that all of our shared efforts and successes are allowing us to move forward as a stronger and more competitive financial institution.”
This was the first year of the new Strategic Plan – Momentum: Timeless Values, Next Generation Results, designed to create a better way forward for WFCU Credit Union and its members, staff and community.
On behalf of the nominating committee, Patti France, Nominating Committee Chair, WFCU Credit Union Board of Directors, declared by acclamation, the following members to a three-year term on the WFCU Credit Union Board of Directors – Kathleen Thomas, as well as returning directors Marty Gillis and Rick Martinello.
As part of the Annual General Meeting, Francis delivered a clear road map positioning the credit union and its diversified income streams for more growth. Mr. Francis also confirmed that WFCU maintains the significant capital reserves required to support such growth. The membership also approved a number of other amendments to the WFCU Credit Union General By-Laws relating to Board diversity, terms limits and Board Committees.
“Our credit union today is more than just deposits and loans,” said Marty Gillis, Chair of WFCU Credit Union Board of Directors. “We believe our strategic plan, Momentum, continues to reflect our current path forward and proves that we can meet all our members’ unique financial needs, supported by a proven and tested 80+ year history.”
NOTICE IS HEREBY GIVEN for the
38th Annual General Meeting
of Members of Windsor Family Credit Union Limited (the “Credit Union”).
Information Meetings and Voting will take place on
Monday, September 12th, 2022
Bingemans Conference Centre, Kitchener, ON
~ and ~
Wednesday, September 14th, 2022
The St. Clair College Centre for the Arts, Windsor, ON
Doors will open at 5:30pm, and the meetings will commence at 6:30pm.
Information placed before the Membership on September 12th and September 14th will be voted on at the meetings.
Registration to participate in the 38th Annual Meeting will open on Friday, August 26th and close at 4:59pm on Friday, September 9th, 2022.
Purpose
The purpose of the Annual Meeting is to receive and vote on the annual Report of the Board of Directors and President & CEO; the Report of the Treasurer on the Financial Statements; the Report of the Auditor; the Report of the Audit Committee; the Report of the Nominating Committee; the Appointment of the Auditor; the Election of Directors; the Special Business placed before the Members regarding amendments to the Credit Union’s General By-Law; and to transact such other business as may properly come before an Annual Meeting of Members.
Election of Directors
This year, there are three (3) vacancies on the WFCU Board of Directors, with each position for a three-year term.
The Nominating Committee of the Board of Directors has successfully completed their role in ensuring that there are a sufficient number of qualified applicants to fill the three (3) positions.
The following Members indicated their interest in putting forth their names by the deadline of noon on Friday, June 24th, 2022, and met the requirements of the candidate application and nomination process.
Rick Martinello • Martin D. Gillis • Kathleen Thomas
No Election of Directors will take place at the Annual Meeting and no further nominations will be accepted. Therefore, Members will be asked to receive the report of the Nominating Committee and to elect the three (3) candidates by acclamation. Click here for more information regarding the candidates.
Special Business
The following Special Business will be placed before the Membership for consideration. The Board of Directors will be recommending to the Membership of WFCU Credit Union the following amendments to the Credit Union’s General By-Law No. 1:
- Section 4.05 to increase the maximum number of terms held by a Director from six (6) consecutive terms to ten (10) consecutive terms;
- Section 5.02 to formalize the process of the Board of Directors appointing a Governance Committee at its first meeting after the annual meeting;
- Section 5.03 that on an annual basis, the Credit Union will prepare a gender diversity report for approval by the Board and shared with the Membership in a manner determined by the Board of Directors;
- Sections 5.04, 5.05, 5.06, 5.07, 5.08 to be renumbered to accommodate new sections 5.02 and 5.03 above; and
- Section 6.02(b) to increase the number of terms served by the Chair of the Board to no more than fifteen (15) consecutive one-year terms.
DATED THE 25th day of August, 2022
BY ORDER OF THE BOARD
Susan Stockwell Andrews
Corporate Secretary
Notes
- The proposed amendments of the Credit Union’s General By-Law are subject to approval as special resolutions of the Membership of the Credit Union. A special resolution cannot be amended. Copies of the proposed by-law amendments are available by contacting Susan Stockwell Andrews, Corporate Secretary at corporatesecretary@wfcu.ca.
- As directed and as stated in the Credit Unions and Caisses Populaires Act, 2020, “the credit union shall make copies of the audited financial statements, the auditor’s report and the audit committee report available for inspection, by any member, at the meeting at which the statements and reports are to be placed before the Members and at the offices of the credit union and electronically at least 10 days before the meeting.” Eligible Members wishing to inspect the audited financial statements are asked to contact Susan Stockwell Andrews, Corporate Secretary at corporatesecretary@wfcu.ca to arrange an appointment to do so.
- Members of the Credit Union attending the meeting must register to attend.
- Only Members according to the records of the Credit Union as of August 25, 2022 (the “Record Date”) according to the Credit Union’s General By-Law) shall be entitled to vote at the meeting.
